Friday, January 2, 2009

Morning Observations 01/02/09

As the market tested the PreMarket low, the market simply started showing sluggishness, and an unwillingness to trade lower. We never got the three closes below this pivot. After 1030 ET, in contrast, we did get three closes above the PreMarket high, and the rest is history.

What really caught my attention as the market was testing the PreMarket low just after 1000 ET was that the VIX showing more bullishness than the futures. Soon after, the futures had to play catchup with the VIX sentiment. I wan't expecting an nineteen point jump, but that is what we got.

Volume as improved from the past week, but still well below the yearly average.

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